Eastern Platinum Limited Provides PGM Production and Underground Mine Design Updates
Vancouver, British Columbia – (Newsfile Corp. – May 11, 2021) – Eastern Platinum Limited (TSX: ELR) (JSE: EPS) (“Eastplats“or the”Company“) is pleased to announce that the company has shipped 199.8 dry tonnes of platinum group metal (“PGM“) concentrates containing 490.9 oz of PGM under the offtake agreement with Impala Platinum Limited, during the production month of April 2021. This is the first full month of PGM production after the recent completion of the reconfiguration and optimization of the small-scale PGM circuit (formerly the sewage plant circuit) (“Circuit D“).
The company has completed process upgrades to ensure a constant production of a minimum of 200 tons of PGM concentrates per month from the D circuit. All the concentrates produced have reached the satisfactory quality requirements under the direct debit agreement.
Diana Hu, President and CEO of Eastplats, said, “The first full month of production of Circuit D is a significant breakthrough for the company. It not only created a new source of income in addition to the company’s chrome production, but will also help and speed up the return to service of the PGM main circuit, which is expected to add an additional 600 to 800 tonnes of PGM concentrate per month. starting in September, which will significantly boost the company’s operations and revenue growth. “
The company has also commissioned a mine life design and schedule on the Zandfontein vertical shaft as the first step in assessing and planning the restart of underground mining at the Crocodile River mine. The work is expected to be completed in the third quarter of 2021.
About Eastern Platinum Limited
Eastplats directly and indirectly owns a number of PGM and chrome assets in the Republic of South Africa. All of the Company’s properties are located on the western and eastern flanks of the Bushveld Complex, the geological environment that hosts approximately 80% of the ore containing GMP in the world.
Operations at the Crocodile River mine include the re-mining and processing of its tailings resources. Chromium and PGM concentrates produced from the company’s Zandfontein UG2 tailings facility (“Reprocessing project“) have been delivered under the respective direct debit agreements.
South Africa remains on Alert Level 1 due to COVID-19. The company continues to follow South African government health guidelines. The reprocessing project remains fully operational and continues to produce and transport finished chromium and PGM products. The effects of COVID-19 are evolving and changing and the consequences of a further increase in the level of alert in South Africa, the temporary halt of any operation or other related issues cannot be reasonably estimated at this time, but could potentially have material adverse effects on the business, operations, liquidity and cash flow of the company.
For more information, please contact:
PLATINUM IS LIMITED
Diana Hu, General Manager
[email protected] (email)
(604) 800-8200 (phone)
Caution regarding forward-looking information
This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements“) within the meaning of applicable securities legislation. These forward-looking statements include, without limitation, forecasts, estimates, expectations and targets for future transactions which are subject to a number of assumptions, risks and uncertainties, many of which are beyond control Forward-looking statements are statements which are not historical facts and which are generally, but not always, identified by the words “will”, “plan”, “a intention “,” may “,” could “,” expects “,” anticipates “and similar expressions. Additional information about the risks and uncertainties facing the company and other forward-looking statements are discussed in the more recent annual information form of the company available under the company profile on www.sedar.com.
In particular, this press release contains, without being limited to, forward-looking statements concerning: forecasts of the operational activity of the reprocessing project, estimated operations and production of the PGM D circuit and the main PGM circuit; estimated ramp-up or upgrades of the PGM D circuit and the PGM main circuit; potential additional revenues from the PGM D circuit and the PGM main circuit; the potential effects of COVID-19 such as a new lockdown imposed by the South African government; and any future actions taken by the South African government and their impact on the company, its business, operations, liquidity and cash flow. These forward-looking statements are based on assumptions and information currently available to the Company. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, and readers are cautioned not to place undue reliance on such statements as a number of factors could cause actual results to differ materially from beliefs, plans , objectives, expectations, estimates and intentions expressed in these forward-looking statements. These factors include, but are not limited to, unforeseen problems that may arise in the Company’s production processes, commodity prices, lower than expected grades and quantities of resources, the need for additional financing and availability. of this additional financing on acceptable terms, economic conditions, currency fluctuations, competition and regulation, legal proceedings and risks associated with foreign operations.
All forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement, the “Caution regarding forward-looking information“section contained in the latest management report of the company available under the company profile on www.sedar.com. The forward-looking statements contained in this press release are made as of the date on which they are given and, except as required by applicable securities laws, the Company disclaims any intention or obligation and does not undertake to update or to revise forward-looking statements. whether as a result of new information, future events or otherwise.
No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained in this document.
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